Flight Centre (FLT)

Commonwealth Bank of Australia has stuck with its “buy" recommendation on
Flight Centre
, despite the Australian Competition and Consumer Commission’s legal action against the company. The ACCC says Flight Centre tried to induce “competitors" to enter into price-fixing arrangements with it. CBA disagrees with the ACCC’s view that Flight Centre is a competitor to the likes of Singapore Airlines, Malaysian and Emirates. CBA says, while Flight Centre competes with the airlines’ direct sales divisions, “we view it as an agent and distributor for the airlines".